Popular analyst Crypt0mer recently observed that XRP, which he jokingly dubbed “our beloved standard” in reference to a long-time industry joke that the cryptocurrency “is the standard,” is about to see a move in terms of price action.
That begs the question, in which direction will the cryptocurrency head against the U.S. dollar? There have been both bull and bear arguments proposed over the past few days. Here they are.
Bulls’ Argument for XRP
The chart that Crypt0mer posted alongside the aforementioned comment is bullish, though the analyst didn’t identify it as such.
Crypt0mer illustrated in the chart that the cryptocurrency has broken out of a one-month long descending channel as Bitcoin has jumped higher, implying a bullish continuation; an ascending channel seen earlier this year saw XRP’s price collapse after the asset broke below it. That’s not all, as he went on to note that the Klinger indicator is about to trend into positive territory for the first time in some four weeks, all while the RSI is approaching a key territory.
If bulls manage to push the cryptocurrency slightly higher, past $0.225, where it sits as of the time of writing this, a bullish trend could start to form.
Our beloved standard looks like it's about to make a move. $XRP $XRPUSD pic.twitter.com/qRf6tR65lA
— CƦYP₮ΘɱΞƦ 🐻❄️ (@Crypt0mer) December 6, 2019
Bears’ Argument
There are also bearish arguments as aforementioned.
One such argument came from prominent though controversial trader Magic, who noted that XRP is in the midst of an extended falling wedge pattern (normally deemed long-term bullish but short-term bearish). The wedge pattern predicts that the most likely path that the cryptocurrency is going to take in the coming weeks will be for it to fall 20% to $0.17.
He isn’t the only one touting bearish analyses. Per previous reports from Ethereum World News, Jonny Moe, a popular trader, noted that XRP remains in a decisively bearish position, having lost the lower level of a bearish descending triangle that pushed the price of the cryptocurrency lower since 2018. The projected move of the triangle, which is calculated by finding the percentage lost between the top of the triangle and the lower bound, is a 68% drop from $0.24. Should the pattern play out in full, the cryptocurrency will tumble all the way to $0.08 in the coming months.
$XRP update pic.twitter.com/NwI2nhjhN9
— Jonny Moe (@JonnyMoeTrades) December 5, 2019
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